Blockchain

Blockchain is a technology that was introduced to the word in 2008 with the release of Bitcoin – the first ever digital cryptocurrency. Soon after the “hype” surrounding cryptocurrencies subsided attention of the community and the developers was drawn to the underlying technology that powered existing coins – the Blockchain. As a result, several types of blockchain were established. 3 of the most widely used are Private Blockchains, Public Blockchains and Consortium or Federal Blockchains.

Public Blockchains

Just as the name implies, public blockchains are entirely open, meaning that anybody can join a blockchain, view it, browse it and initiate transactions or start mining. There is no centralized authority, such as an administrator. Instead, the environment is self-sustainable and is regulated by mechanisms such as Proof of Work and Proof of Stake.

Private Blockchains

In private Blockchains, equal rights are not given to all participants, but instead, there is an administrator who controls the rights of other users. For example, the administrator can decide whether a user has access to the transaction history or mining rights. Private blockchains can be semi-decentralized and are often being criticised for defeating the sole purpose of why the technology was created in the first place.

Consortium or Federal Blockchains

Consortium blockchains are similar to private Blockchains, but instead of a single party having control, in Consortium Blockchains, it is divided among multiple administrators who together take charge of the decision making for the good of the network.

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